London, August 21
Electra Private Equity PLC 22 August 2014 Requisition for a General Meeting Electra Private Equity PLC ("Electra" or "the Company") announces that it has yesterday afternoon received a requisition on behalf of Sherborne Investors GP, LLC ("Sherborne") requiring the directors to call a general meeting of the Company's shareholders. The object of the general meeting is to consider resolutions that Mr. Edward Bramson be appointed as a director of the Company, that Mr. Ian Brindle be appointed as a director of the Company and that Mr. Geoffrey Cullinan be removed as a director of the Company. No further resolutions or specific proposals were provided. Electra will send a notice convening a general meeting to its shareholders in due course. As indicated in an RNS dated 29 July 2014, the Chairman of Electra, Mr. Roger Yates, together with a fellow non-executive director Mr. Cullinan, met with Mr. Bramson on 24 July 2014. At this meeting, Mr. Bramson requested that three new directors be appointed to the Board of Electra and that he be given a mandate to lead a strategic review of the Company. The Board of Electra carefully considered Mr. Bramson's request and decided to reject it. The Board of Electra has a long-standing policy of being comprised wholly of independent non-executive directors. Neither Mr. Bramson, representing a c.19% shareholder in the Company, nor Mr. Brindle, who has a longstanding working relationship with Mr. Bramson, would be independent. The Company's superior performance over the long term provides clear evidence to support this policy of complete independence. The Board has always listened, and will continue to listen, to the views of shareholders consistent with enhancing long-term shareholder value. The Board believes that maintaining an open dialogue with shareholders and a wholly independent Board structure best enables the Board to consider the interests of all shareholders without undue influence from any quarter. The Board of Electra actively keeps the Company's strategy under regular review, is of the opinion that the current strategy has delivered superior long-term returns for all shareholders and sees no reason to deviate from this successful strategy. Over the 10 year period to 31 March 2014, Electra has delivered a share price total return of 268%, more than double the total return of the FTSE All-Share (129% over the same period) and more than six times the total return for the Morningstar Private Equity Index* (39% over the same period). The Company's diluted NAV per share total return for the period is equivalent to a ten-year annualised return on equity of 14%, at the upper end of our target range of 10-15%. Enquiries Goldman Sachs International +44 (0) 207 774 1000 Anthony Gutman Alex Garner Ken Hayahara J.P. Morgan Cazenove +44 (0) 207 742 4000 Michael Wentworth-Stanley William Simmonds Greenbrook Communications +44 (0)20 7952 2000 Andrew Honnor Charlotte Balbirnie Matthieu Roussellier * The Morningstar Private Equity Index is a bespoke index prepared by Morningstar UK Limited reflecting the performance of 19 private equity vehicles, excluding Electra, quoted on the London Stock Exchange.
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